E verify ITR Time Limit
E verify ITR Time Limit is 30 days
What is the new notification about the new timeline of 30 days for verification of ITR and to whom new timeline of 30 days is applicable?
Resolution: From August 1, the Income Tax Department has reduced the time limit for e-verification or hard copy submission of ITR-V to 30 days through a notification dated 29 July 2022 . That means, taxpayers now need to verify their returns within 30 days from the date of filing to complete the process.
(To know more refer to the: Notification No. 5/2022 dated 29.07.2022 w.e.f. 01/08/2022)
What is the new time limit for e-verification or submission of ITR-V?
Resolution: The new time-limit for e-verification or submission of ITR-V shall now be 30 days from the date of filing the return of income. However, where the return is filed on or before 31.07.2022 the earlier time limit of 120 days would continue to apply.
(To know more refer to the: Notification No. 5/2022 dated 29.07.2022 w.e.f. 01/08/2022)
What will be the date of furnishing the return of income if ITR-V is submitted within 30 days of transmission of data?
Resolution: If ITR data is electronically transmitted and ITR-V is submitted within 30 days of transmission of data then in such cases the date of transmitting the data electronically will be considered as the date of furnishing the return of income.
(To know more refer to the: Notification No. 5/2022 dated 29.07.2022)
What will happen if e-verification or ITR-V is submitted beyond the time limit of 30 days?
Resolution: Where ITR data is electronically transmitted but e-verified or ITR-V submitted beyond the time-limit of 30 days of transmission of data, in such cases the date of e-verification/lTR-V submission shall be treated as the date of furnishing the return of income and all consequences of late filing of return under the Act shall follow.
(To know more refer to the: Notification No. 5/2022 dated 29.07.2022)